In a recent study released by Go Banking Rates in March, Rancho Palos Verdes emerged as the premier destination for affluent retirees, securing the top spot as America’s richest retirement town. Nestled along the picturesque coast near Torrance, Lomita, and San Pedro in Southern California, Rancho Palos Verdes boasts a median household income of $166,747, setting it apart as a luxurious enclave for the retirement community.
The study embarked on a quest to identify the most prosperous retirement locales across the United States, focusing on cities with a population exceeding 15,000, where at least a quarter of residents are 65 years or older.
This comprehensive analysis unveiled that, while Florida is often celebrated as a retirement paradise, only one of its cities made it into the top ten list, whereas California proudly claimed four spots, underscoring its appeal to well-heeled retirees.
Here’s a glance at the top 10 wealthiest retirement towns in the U.S., as highlighted by the study:
- Rancho Palos Verdes, California: Leading the pack with its stunning coastal views and high median income.
- Highland Park, Illinois: A Midwestern gem offering a blend of luxury and serene living.
- Bainbridge Island, Washington: Known for its lush landscapes and vibrant community.
- East Honolulu, Hawaii: Where retirement feels like an endless vacation.
- Melville, New York: A perfect mix of suburban tranquility and close proximity to the city.
- Laguna Beach, California: Famous for its artistic flair and breathtaking beaches.
- Paramus, New Jersey: Offering a quiet retreat with easy access to urban amenities.
- Naples, Florida: The lone Floridian city on the list, renowned for its golf courses and sunset views.
- Walnut Creek, California: A haven with abundant green spaces and cultural activities.
- Cerritos, California: A vibrant community with a rich cultural tapestry.
For those dreaming of a golden retirement in Rancho Palos Verdes or any of these affluent cities, financial planning is crucial.
According to the study, retiring in Rancho Palos Verdes would require a nest egg of at least $1.4 million to cover 25 years of retirement, or $1.7 million for a 30-year retirement period. Moreover, the average retiree in California needs an annual income of $90,399 to enjoy a comfortable retirement, as per another analysis from the same personal finance website.
These findings underscore the importance of strategic financial planning for those aspiring to retire in luxury and comfort, especially in California’s premier destinations.